(Alliance News) - Borgosesia Spa has announced that it has finalized the purchase of a 77 percent stake in an investment vehicle-owner of a property, abandoned for years, located on Via Mecenate (southeastern area) in Milan and formerly used for office purposes-for a consideration of EUR7.25 million.

The existing gross floor area is about 5,500 square meters - divided into six above-ground floors and a basement - and for the same, an application is currently underway to change its use to tourist-receptive use.

Borgosesia will thus begin a process of redevelopment and enhancement of the property, in line with its mission to recover the value still associated with situations in which the process of its creation has come to a halt.

Borgosesia closed Wednesday's session in the green by 0.6 percent at EUR0.6880 per share.

By Maurizio Carta, Alliance News reporter

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